Filing itr-3 share trading business

1   No if income declared under presumptive assessment (minimum 8% profit u/s. 44AD)

2.  Yes as per accounting standards......... but for sec. 44AD only over turnover basis.

3.  Yes...

Respected Sir,

I am happy to receive your reply, Kindly guide me further:

1. Can Tradng in Share Market be covered under presumptive business? some one is telling me NO.  pleas guide

2. In case no,  and the assessee prepares balance sheet and profit & Loss Account.  her profit is 3.8% of turnover i.e. 65000 profit and turnover is 17 lakhs.. does it make any difference...... I mean do the Income tax authorities goes into enquiry ??

3. Turonver of share trading business will be calculated as follows:

Turnover = Intra-day (Differnce Between Sale Value & Purchase Value) + Delivery Based (Total Sales Value).

I shall be highly obliged to receive your reply

thanks and regards

Sumit

Respected Sir, I am happy to receive your reply, Kindly guide me further: 1. Can Tradng in Share Market be covered under presumptive business? some one is telling me NO.  pleas guide 2. In case no,  and the assessee prepares balance sheet and profit & Loss Account.  her profit is 3.8% of turnover i.e. 65000 profit and turnover is 17 lakhs.. does it make any difference...... I mean do the Income tax authorities goes into enquiry ?? 3. Turonver of share trading business will be calculated as follows: Turnover = Intra-day (Differnce Between Sale Value & Purchase Value) + Delivery Based (Total Sales Value). I shall be highly obliged to receive your reply thanks and regards Sumit

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